Market Soapbox 06/23/06
Resistance: DJIA 11775; SP500 1335; Nasdaq 2380; NDX 1750
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
Economic news in todays other post. A strange day in the market indeed, with small caps, utilities, precious metals and energy issues seeing nice support, while tech & large caps suffered.
MAJOR YIELD CURVE INVERSION: Bonds DOWN 8th straight session with the 30 yr yield rising @ 5.25%; 10 yr @ 5.22; 5 yr @ 5.20; 2yr @ 5.26; 6 mo @ 5.26.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, DJIA -73 on lower volume, bleeding into the close with ugly internals.
TUE, a thinly traded split tape day with a small bounce then a fade, DJIA +33 with midlin internals.
WEN, a thinly traded triple digit broadbased bounce much like 06/14 & 06/15, with pretty but deceiving internals (more later) DJIA + 105.
THU, no followthough, a choppy day on lower volume with ugly internals, DJIA -60.
FRI, down out the gate, a bounce, then bleeding into the close, a wishy washy day, DJIA -30 on lower volume with midlin internals. This week DJIA -25, since 09/19/05 DJIA +349.
Indexes UP: DJTA, DJUA, MID, XAU, XOI DOWN: SOX, NDX, OEX, XMI
Sectors UP: Commodity, Healthcare, Energy,Biotech, Gold Bugs DOWN: Banking, Reits, Tobacco, Semis.
Overseas: FTSE, CAC UP, DAX, Hang Seng & Nikkei 225 DOWN.
Dollar UP BIG vs. Euro 1.2661 & Yen 114.65, XAU +1.5% & gold UP @ 588, XOI +3.7% & crude DOWN @ 70.80, CRB commodities index DOWN @ 335.68
Yesterday: "Look for a closing breech of near term support at DJIA 11020, SP500 1245, NDX 1550, NAZ 2125 to signal further sliding."
We are teetering about these numbers at the moment, Mon perhaps another big slide??
Support: DJIA 10650, SP500 1210, Nasdaq 2050; NDX 1500
Economic news in todays other post. A strange day in the market indeed, with small caps, utilities, precious metals and energy issues seeing nice support, while tech & large caps suffered.
MAJOR YIELD CURVE INVERSION: Bonds DOWN 8th straight session with the 30 yr yield rising @ 5.25%; 10 yr @ 5.22; 5 yr @ 5.20; 2yr @ 5.26; 6 mo @ 5.26.
Recent Inversions: 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. 6mo above 10yr 06/02 -?; 2yr above 10yr 06/08 - ? 6mo & 2yr above 30yr 06/13 - ?
MON, DJIA -73 on lower volume, bleeding into the close with ugly internals.
TUE, a thinly traded split tape day with a small bounce then a fade, DJIA +33 with midlin internals.
WEN, a thinly traded triple digit broadbased bounce much like 06/14 & 06/15, with pretty but deceiving internals (more later) DJIA + 105.
THU, no followthough, a choppy day on lower volume with ugly internals, DJIA -60.
FRI, down out the gate, a bounce, then bleeding into the close, a wishy washy day, DJIA -30 on lower volume with midlin internals. This week DJIA -25, since 09/19/05 DJIA +349.
Indexes UP: DJTA, DJUA, MID, XAU, XOI DOWN: SOX, NDX, OEX, XMI
Sectors UP: Commodity, Healthcare, Energy,Biotech, Gold Bugs DOWN: Banking, Reits, Tobacco, Semis.
Overseas: FTSE, CAC UP, DAX, Hang Seng & Nikkei 225 DOWN.
Dollar UP BIG vs. Euro 1.2661 & Yen 114.65, XAU +1.5% & gold UP @ 588, XOI +3.7% & crude DOWN @ 70.80, CRB commodities index DOWN @ 335.68
Yesterday: "Look for a closing breech of near term support at DJIA 11020, SP500 1245, NDX 1550, NAZ 2125 to signal further sliding."
We are teetering about these numbers at the moment, Mon perhaps another big slide??
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